Top reasons to file your taxes early

Read this in 2 minutes

Many people wait until the last minute to file their income tax returns, whether they're taking more time to find and organize tax documents, or maybe it's just simple procrastination. Don’t be among them!

As long as your taxes are completed by the April 15, 2019, filing deadline, you will not incur any penalties for filing your taxes late. However, waiting until this date does not free you from last-minute stress. Here are a few benefits that come with filing sooner rather than later.

Fraud or ID Theft

According to the IRS, there were right under 900,000 phony returns and $10 billion in fraudulent refunds during the 2017 filing season. If you file your tax return early in the season, you’re less likely to become a victim of a fraudster trying to collect a refund in your name. Criminals tend to file fraudulent returns early to try and get to the IRS before you. They won’t be able to file in your name if you’ve already completed your return, so file early to better protect yourself.

Know What You Owe

Filing early will inform you of your tax liability and how high your tax bill will be ahead of time. You’ll know exactly how much you owe in both state and federal taxes, giving you more time to save money or reorganize your finances before your balance is due.

Faster Refund

If you are looking to receive a refund, filing taxes early can mean money in your hands sooner, allowing you to bump up savings, plan a vacation, or pay down debt. Either way, early filing will put you in a position to better manage your finances and plan ahead.

Reduce Stress

With proper planning, you can take the stress out of tax time. To make for a smooth and simple tax experience, have your tax documents organized and ready to take to your preparer. Download our tax preparation checklist to see what paperwork is needed for each person in your household. You’ll need items such as your W-2, home-related expenses and forms, and charitable donation receipts. Having the right documentation will save you time and money while also making sure that you get every possible deduction or credit for which you qualify.

More Time to Find Assistance

If you need to visit with your tax preparer prior to completing your income tax return, don’t wait until the last minute! As April 15 approaches, more taxpayers will be filing taxes, and offices may become busier. Visit your tax preparer as soon as possible to allow them more time to answer your questions, provide advice on your particular situation, and review your past returns. An early visit will also give you more time if needed to correct an error or make any other alterations to your tax return.

Follow Liberty Tax® on Facebook and Twitter for the latest tax news and information!

Categories

CONNECT WITH US

Stay connected with us on social media for the latest Liberty info and tax tips!

Disclaimer: Tax Lounge is an informational source for industry news and related topics. We take every effort to provide honest and accurate tax information, but this information should not be a substitute for professional tax advice. Use our office locator to find your local tax office or subscribe to our free newsletter.

Recommended For You

Ever since the Tax Cuts and Jobs Act went into effect last year, there's been much speculation about how it would change taxpayers' take-home pay and tax refunds. Now that tax season is here, we're be…

With Valentine's Day approaching, thoughts of love and romantic marriage proposals are in the air for many couples. And most Americans are fully aware that getting married will have a profound impact …

Employers and small businesses are always looking for ways to lower their tax burdens. Yet many businesses that employ workers may qualify for the Work Opportunity Tax Credit (WOTC) without even reali…

Read this in 3 min

*Offer Details and Disclosures

The information contained on this site is provided for informational purposes only and should not be construed as professional advice.

Easy Advance

An Easy Advance is a loan secured by and paid back with your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. Loan amount options are based on your expected Federal refund less authorized fees. If approved for an Easy Advance, a Finance Charge may apply depending on your loan amount. Loan is subject to underwriting and approval. Easy Advance proceeds are typically available within 24 hours of IRS acceptance of tax return or within 24 hours for those filing before the IRS start date however, if direct deposit is selected it may take additional time for your financial institution to post the funds to your account. Visit your Liberty Tax office to learn about the cost, timing and availability of all filing and product options. Valid at participating locations. Valid Jan. 2-Feb. 28, 2019.

Cash-In-Flash

With paid tax preparation. Valid at participating locations. Cannot be combined with other offers or used toward past services. One coupon per customer and per return. Other exclusions may apply. Void where prohibited by law. Valid 12/26/2018-2/26/2019.

Send-A-Friend In-Office Referral Program

Valid at participating locations. Referral payment amount, terms, conditions, and availability vary by location and are subject to change without notice. To qualify, your Friend must: (1) Be a new Liberty Tax® customer; (2) Present your valid Liberty Send-A-Friend coupon in store; and (3) Prepare, file and pay for their tax return preparation in the store. Discount offer valid only for intended recipient, cannot be combined with any other offer, and may not be used toward past services. Other exclusions may apply. Void where prohibited by law.

Liberty Tax® School

There may be a small fee for books, which vary per market. Availability is based on classroom capacities per office.

Liberty Tax Service® has been approved by the California Tax Education Council to offer Liberty Tax® School (CTEC Course #2097-QE-0001), which fulfills the 60-hour “qualifying education” requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, toll-free by phone at (877) 850-2883, or on the Internet at www.ctec.org

Licensed by Oregon Higher Education Coordinating Commission (OAR) 715-045-0033(6). Students must pass the Tax Preparer examination given by Oregon Board of Tax Practitioners before preparing tax returns for others.

In Maryland and New York, additional instruction and requirements are necessary to prepare an individual for employment as a Registered Tax Return Preparer.

In Arkansas, Liberty Tax® is licensed By the SBPCE State Board.

In Tennessee, students will be offered employment per satisfactory completion.

Liberty does not make any promise, warrant or covenant as to the transferability of any credits earned at Liberty Tax Service®. Credits earned at Liberty Tax Service®, may not transfer to another educational institution. Credits earned at another educational institution may not be accepted by Liberty Tax Service®. You should obtain confirmation that Liberty Tax Service® will accept any credits you have earned at another educational institution before you execute an enrollment contract or agreement. You should also contact any educational institutions that you may want to transfer credits earned at Liberty Tax Service®, to determine if such institutions will accept credits earned at Liberty Tax Service® prior to executing an enrollment contract or agreement. The ability to transfer credits from Liberty Tax Service® to another educational institution may be very limited. Your credits may not transfer, and you may have to repeat courses previously taken at Liberty Tax Service® if you enroll in another educational institution. You should never assume that credits will transfer to or from any educational institution. It is highly recommended and you are advised to make certain that you know the transfer of credit policy of Liberty Tax Service®, and of any other educational institutions you may in the future want to transfer the credits earned at Liberty Tax Service®, before you execute an enrollment contract or agreement.

*Enrollment in, or completion of, the Liberty Tax® Course is neither an offer nor a guarantee of employment, except as may be required by the state. Additional qualifications may be required. Enrollment restrictions apply. State restrictions may apply and additional training may be required in order to become a tax preparer. Valid at participating locations only.